And it would be cool to play this English patch on the Wii VC.
You can already do this with current homebrew on the Wii.
You have to backup a WAD of your VC Rondo of Blood. Extract the game out of the WAD on your PC and decompress it.
(it uses some type of modified zlib compression).
Then patch it and re-compress the game and inject it back into the WAD.
(you can also change the banner to be the new English title screen).
You can then install it as a channel on your Wii using a WAD installer.